PRI Launches New Center for Medical Economics and Innovation

PRI Launches New Center for Medical Economics and Innovation

SAN FRANCISCO – California-based nonpartisan think tank the Pacific Research Institute today announced the launch of a new Center for Medical Economics and Innovation, which will research and advance policies showing how a thriving biomedical and pharmaceutical sector benefits both patients and economic growth.

Timely research, analysis and commentary relating to medical innovation will be available at the new Center’s website – www.medecon.org.

“Medical innovation is important to alleviating deadly diseases and helping Americans live long and healthy lives, and it’s also important for our economy,” said Sally Pipes, PRI President, CEO, and Thomas W. Smith Fellow in Health Care Policy. “Our new Center for Medical Economics and Innovation will build upon PRI’s decades of leadership on health care policy by championing free-market solutions to improve our health care system through innovation.”

Dr. Wayne Winegarden, PRI Senior Fellow in Business and Economics, will serve as director of the new Center. Dr. Winegarden evaluates macroeconomic and fiscal issues for PRI, with the health care industry being one of his primary research areas. He is frequently called upon to give presentations, media commentary and legislative testimony on key issues relating to economic policy and issues relating to health care pricing, trends, and medical innovation.

“There is a growing debate in Congress and state capitals about policies relating to prescription drugs, vaccines, and medical technology, which are often driven by misinformation and poor analysis.” said Winegarden. “Our new Center will educate policymakers, health care leaders, and the public about the critical role that biomedical and pharmaceutical innovation and new technological advances play in growing the economy and improving health outcomes for all Americans.”

Medical innovation is an important driver of economic growth, responsible for over $1.3 trillion in economic activity each year. According to the Milken Institute, every job in the biomedical sphere supports another 3.3 jobs elsewhere in the economy.

The Center for Medical Economics and Innovation will:

Demonstrate the benefits that market-based reforms can offer patients and the U.S. health care system

Provide free-market analysis to evaluate current policy proposals

Produce easy-to-understand data and analysis on current trends in medical science

Break down complex issues like pharmaceutical and biomedical pricing structures

As part of the launch, the new Center released its first video showing how gene therapies have the potential to dramatically improve the lives of Americans living with life-threatening diseases, but policy obstacles are standing in the way of making them a reality for millions.